There is so much more to trading than just picking a company name that looks interesting, or sounds fun, putting some money on it, and hoping for the best. That might be how some people trade, and it might sometimes yield results, but it’s not how the real traders do it. It’s not how successful, full-time traders do it. Real traders create good habits for trading, and because of that, they automatically know when they should trade, and how much to ‘risk’.
Creating a trading routine that consists of good habits for trading is essential if you want to be successful, and make trading your full-time job. Good habits are important for every part of life, and that includes trading – good habits make you the person you are, and can make you the trader that you want to be. Want to give up your job and trade from as little as ten minutes each day? Good habits are what you need. After a while, good habits become second nature, and your trades will be successful more times than not.
Part of creating good habits for trading is practising your trading. That could be on a demo account, or by using very little money on a ‘trial and error’ basis until the right habits – and charts – are created. Just remember, though, that you should act as though this is a real trade, even if it is on a demo account. Never do anything that you wouldn’t do ‘in real life’, because otherwise you will form bad habits, and these are difficult to break. Learning bad habits could have a major negative impact on your ability to trade successfully in the future.
A recent study suggests that it takes 66 days to form a new habit, so when you begin your trading journey and want to make good habits for trading, keep going for at least 66 days. You want this habit to be firmly in your mind before you begin to trade for real. It may be frustrating to have to wait, but that is an important part of trading anyway, and another useful lesson to learn. Practice and be patient, and trading will happen much more easily.